/raid1/www/Hosts/bankrupt/TCREUR_Public/190926.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Thursday, September 26, 2019, Vol. 20, No. 193

                           Headlines



G E R M A N Y

DEUTSCHE MITTELSTAND: Moody's Rates Sr. Unsec. Notes Ba2


I R E L A N D

WEATHERFORD INT'L: High Court Appoints Interim Examiner


I T A L Y

BRIGNOLE CQ 2019-1: Moody's Rates EUR1.7MM Class E Notes Ba2


L U X E M B O U R G

MONITCHEM HOLDCO 2: Moody's Alters Outlook on B3 CFR to Stable
MONITCHEM HOLDCO 2: S&P Affirms 'B-' Long-Term ICR on Refinancing


R U S S I A

O1 PROPERTIES: Moody's Cuts Sr. Unsec. Notes to Caa1, Outlook Neg.


S L O V E N I A

ADRIA AIRWAYS: Cancels Flights Due to Cash Shortage


S P A I N

SABADELL CONSUMO 1: Moody's Rates EUR25MM Cl. D Notes 'B1'


U N I T E D   K I N G D O M

ARJOWIGGINS: Last-Ditch Rescue Deal Saves Hundreds of Jobs
METRO BANK: Cancels Bond Sale Due to Lack of Investor Interest
THOMAS COOK: Fitch Lowers LongTerm IDR to D on Liquidation
THOMAS COOK: German Unit Files for Insolvency
THOMAS COOK: Germany to Guarantee EUR380MM Condor Bridging Loan

THOMAS COOK: S&P Lowers ICR to 'D' on Announced Liquidation
TWIN BRIDGES 2019-2: Fitch to Rate Class X1 Notes 'BB-(EXP)'
TWIN BRIDGES 2019-2: Moody's Assigns (P)Caa2 Rating on Cl. X1 Notes
WRIGHTBUS: Goes Into Administration, 1,200 Jobs Affected


X X X X X X X X

IPOTEKA BANK: Moody's Affirms B1/B2 Deposit Ratings, Outlook Neg.

                           - - - - -


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G E R M A N Y
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DEUTSCHE MITTELSTAND: Moody's Rates Sr. Unsec. Notes Ba2
--------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the planned new
senior unsecured notes issuance of benchmark size by DEMIRE
Deutsche Mittelstand Real Estate AG. The outlook is stable.

"DEMIRE's Ba2 Corporate Family Rating is supported by the company's
relatively small but well diversified commercial real estate
portfolio in secondary locations in Germany, a market that
currently benefits from robust fundamentals. It also reflects a
reduced financial leverage but a still weak EBITDA generation,
expected to gradually improve amid the company's active portfolio
management and implemented cost optimization measures" says Ana Luz
Silva, Moody's lead analyst for DEMIRE.

"We positively note that with the envisaged transaction DEMIRE will
lengthen its average debt maturity profile, reduce its average
borrowing cost and expand its unencumbered asset pool. Proceeds
will be used to refinance its existing unsecured notes due July
2022 and its promissory notes due March 2022. Pro-forma for the new
notes issuance, we expect that Moody's adjusted gross debt/total
assets remains below 50% and that the company's unencumbered assets
ratio improves to between 45% - 50%", added Ms. Silva.

RATINGS RATIONALE

The Ba2 corporate family rating reflects (1) the company's
relatively small but well-diversified portfolio of commercial real
estate assets in secondary locations in Germany, which is focused
on office properties but also includes retail and logistics
properties; (2) the strong fundamentals of the German commercial
real estate market; and (3) the company's strategy of actively
managing its property portfolio, supported by an integrated
business model.

Partly offsetting these strengths are (1) the somewhat
opportunistic business model with respect to the relatively
low-quality asset portfolio, compared with its higher-rated peers;
(2) reduced financial leverage but still weak fixed-charge coverage
(FCC), expected to gradually improve; and (3) the company's limited
track record of strategy execution, driven by recent strong growth,
management changes and still relatively high overhead cost, which
constrains profitability.

The Ba2 rating assigned to the senior unsecured bond is in line
with the long term corporate family rating and reflects a growing
unsecured borrowing base. Moody's expects the new notes to rank
pari passu with all other unsecured obligations of the issuer. They
will benefit from a change of control provision and financial
covenants including a maximum Net-LTV ratio of 60%, maximum Net
Secured LTV of 40% and minimum Interest Coverage Ratio of 1.75x
with a step-up after 18 months to 2.00x.

Bondholders will be subordinated to secured debt of around EUR320
million.

RATIONALE FOR STABLE OUTLOOK

DEMIRE has reduced its financial leverage to a comfortable level in
the current rating category, so that the stable outlook reflects
its expectation that the company will build a track record in
maintaining balanced financial policies coupled with a higher cash
flow generation that strengthens the FCC to a commensurate level
for its current rating.

FACTORS THAT COULD LEAD TO AN UPGRADE

A rating upgrade could result from:

A successful increase in occupancy rate in its value-added
portfolio

An expansion of the asset portfolio if substantially funded with
equity, resulting in an overall decline in leverage

Moody's-adjusted gross debt/total assets sustained around 50%, with
the development of a further track record operating with the
current portfolio

A Moody's-adjusted FCC above 2.5x on a sustained basis

FACTORS THAT COULD LEAD TO A DOWNGRADE

DEMIRE's rating could come under pressure if:

The company reverts to leverage levels of around 60%
Moody's-adjusted gross debt/total assets

FCC remains below 2.0x on a sustained basis

There is a material deterioration in the commercial real estate
market fundamentals in Germany or a sharp weakening in the

currently very accommodating bank lending market in Germany

The asset quality within the portfolio deteriorates or the vacancy
rate in the existing portfolio increases

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was REITs and Other
Commercial Real Estate Firms published in September 2018.

COMPANY PROFILE

Headquartered in Langen, Germany, DEMIRE Deutsche Mittelstand Real
Estate AG (DEMIRE) is a public listed commercial real estate
company with focus on offices in secondary locations across
Germany. Considering the recent acquisitions, the company's
aggregated portfolio value stands at circa EUR1.4 billion. The
company's rental income amounts to around EUR82 million with a 4.8
year weighted average lease term.

DEMIRE holds a 79.4% stake in Fair Value REIT-AG, which is fully
consolidated and accounts for EUR344 million assets value.

DEMIRE is listed on the Frankfurt stock exchange and had a market
capitalization around EUR537 million as of 23 September 2019.
Apollo-managed funds and Wecken Group together hold around 89% of
DEMIRE's shares.




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I R E L A N D
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WEATHERFORD INT'L: High Court Appoints Interim Examiner
-------------------------------------------------------
Aodhan O'Faolain and Ray Managh at BreakingNews.ie report that the
High Court has appointed an interim examiner to Weatherford
International PLC, the Irish registered parent company of a
business that provides services to the oil and gas industry.

Mr. Justice Michael Quinn on Sept. 23 appointed experienced
insolvency expert Michael McAteer of Grant Thornton as interim
examiner to Weatherford International PLC, BreakingNews.ie
relates.

According to BreakingNews.ie, the court heard that the company has
got into financial difficulties due to the volatility in the oil
market and a drop in the demand for the services it provides.

Petitioning the court for Mr. McAteer's appointment Brian Kennedy
SC for the company said that while the company is unable to meet
its debt obligations, an independent experts report has stated that
the company and the group has a reasonable prospect of survival as
a going concern if certain steps are taken, BreakingNews.ie
relays.

Counsel said that the company has already embarked on a
restructuring plan, and has been in discussions with its creditors
and bankers, BreakingNews.ie notes.

Counsel said that the independent expert has stated that the
proposals contained in the plan are more advantageous to all
relevant parties than if the group went into liquidation, according
to BreakingNews.ie.

Counsel, as cited by BreakingNews.ie, said if the company was to be
wound up it would result in a net deficit of US$7.4 billion.

Counsel said that as part of the proposals aimed at rescuing the
group certain steps have already been taken, BreakingNews.ie
states.

These include one of its subsidiaries entering into a process
before the US Courts known as Chapter 11 bankruptcy protection,
BreakingNews.ie discloses.

According to BreakingNews.ie, counsel said a draft agreement with
the group's creditors had been agreed.  But in order to complete
this plan, the group's parent which is Irish registered must go
through a successful examinership in Ireland, BreakingNews.ie
relays.

In order to complete the rescue plan counsel said certain things
needed to be done by the end of November, so it was anticipated
that this may be a shorter examinership than usual, BreakingNews.ie
states.

After appointing Mr. McAteer as interim examiner, the Judge
adjourned the matter to a date in early October, BreakingNews.ie
discloses.

                        About Weatherford

Weatherford (NYSE: WFT), an Irish public limited company and Swiss
tax resident -- http://www.weatherford.com/-- is a multinational
oilfield service company providing innovative solutions, technology
and services to the oil and gas industry.  The Company operates in
over 80 countries and has a network of approximately 650 locations,
including manufacturing, service, research and development and
training facilities and employs approximately 26,000 people.

Weatherford reported a net loss attributable to the company of
$2.81 billion for the year ended Dec. 31, 2018, compared to a net
loss attributable to the company of $2.81 billion for the year
ended Dec. 31, 2017.  

As of March 31, 2019, Weatherford had $6.51 billion in total
assets, $10.62 billion in total liabilities, and a total
shareholders' deficiency of $4.10 billion.

On July 1, 2019, Weatherford International plc, Weatherford
International, LLC, and Weatherford International Ltd. sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 19-33694).

Thbe Hon. David R. Jones is the case judge.

The Debtors tapped Hunton Andrews Kurth LLP and Latham & Watkins
LLP as counsel; Alvarez & Marsal North America LLC as financial
advisor; Lazard Freres & Co. LLC as investment banker; and Prime
Clerk LLC as claims agent.

Henry Hobbs Jr., acting U.S. trustee for Region 7, on July 17,
2019, appointed three creditors to serve on the official committee
of unsecured creditors in the Chapter 11 cases.




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I T A L Y
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BRIGNOLE CQ 2019-1: Moody's Rates EUR1.7MM Class E Notes Ba2
------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to Notes to be issued by Brignole CQ 2019-1 S.r.l.:

EUR[139.6]M Class A Asset Backed Floating Rate Notes due March
2036, Assigned (P)Aa3 (sf)

EUR[19.8]M Class B Asset Backed Floating Rate Notes due March 2036,
Assigned (P)A1 (sf)

EUR[7.8]M Class C Asset Backed Floating Rate Notes due March 2036,
Assigned (P)A3 (sf)

EUR[3.4]M Class D Asset Backed Floating Rate Notes due March 2036,
Assigned (P)Baa3 (sf)

EUR[1.7]M Class E Asset Backed Floating Rate Notes due March 2036,
Assigned (P)Ba2 (sf)

Moody's has not assigned any rating to the EUR [7.2]M Class X Asset
Backed Floating Rate Notes due March 2036.

RATINGS RATIONALE

The Notes are backed by a 6-month revolving pool of Italian
Cessione del Quinto (CDQ) consumer loans (98%) and Delegazione di
Pagamento (DP) consumer loans (1.9%) originated by Creditis Servizi
Finanziari SpA ('Creditis'). This represents the first CDQ
transaction originated by Creditis.

The provisional portfolio consists of approximately EUR 172,38
million of loans as of September 4, 2019 pool cut-off date. The
Reserve Fund will be funded to 1,73 million, approximately 1% of
the Class A to D Notes original balance, and the total credit
enhancement for the Class A Notes will be 20%.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio, the high spread from the
underlying loans, the subordination of the notes and the non-
amortising cash reserve fully funded at closing. However, Moody's
notes that the transaction features some credit weaknesses such as
an unrated servicer. Various mitigants have been included in the
transaction structure such as a back-up servicer which will replace
the servicer upon termination.

All the loans in the initial portfolio benefit from life insurance
and 32% also benefit from employment insurance (for non-pensioner).
The top three life insurers represent over 97% of the pool: 48% AXA
France Vie (Aa3 insurance financial strength); 45% Net insurance
SpA (Not rated); 4% HDI Assicurazioni S.p.A. (Not rated). The top
three employment insurances are provided by: 59% Net insurance SpA
(Not rated); 28% AXA France IARD (Aa3 insurance financial
strength); 13% HDI Assicurazioni S.p.A. (Not rated).

The insurance policies will pay off the outstanding loan balance in
the event of, inter alia, borrowers' unemployment, resignation or
death. Since those events would be the typical driver of defaults
in a standard consumer loan transaction, the existence of the
insurance is credit positive. Therefore, the default risk of the
insurers and their correlation to the portfolio are a key aspect in
Moody's quantitative analysis of the transaction.

Moody's determined the portfolio lifetime expected defaults of 8.5
%, expected recoveries of 75 % post insurance pay-out and Aa3
portfolio credit enhancement of 27% related to borrower
receivables. The expected defaults and recoveries capture its
expectations of performance considering the current economic
outlook, while the PCE captures the loss Moody's expects the
portfolio to suffer in the event of a severe recession scenario
prior to giving any benefit to insurance recoveries. Expected
defaults and PCE are parameters used by Moody's to calibrate its
lognormal portfolio loss distribution curve and to associate a
probability with each potential future loss scenario in the ABSROM
cash flow model to rate Consumer ABS.

Portfolio expected defaults of 8.5 % are in line with the EMEA CDQ
average and are based on Moody's assessment of the lifetime
expectation for the pool taking into account (i) historic
performance of the loan book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations.

Portfolio expected recoveries of 75 % post insurance pay-out are in
line with the EMEA CDQ average and are based on Moody's assessment
of the lifetime expectation for the pool taking into account (i)
historic performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

PCE of 27 % is in higher than the EMEA CDQ average and is based on
Moody's assessment of the pool which is mainly driven by: (i)
evaluation of the underlying portfolio, complemented by the
historical performance information as provided by the originator,
(ii) the high concentration of loans to pensioners as well as
employees working for the Italian public sector entities (iii) the
relative ranking to originator peers in the EMEA CDQ market and
(iv) the exposure to different insurance companies.

Moody's also considered the insurance company exposure in the
transaction and the impact of one or more insurance companies
defaulting on the recovery figure, as well as shifts in the
concentration to single insurance companies. These scenarios are
weighted by the credit quality of the insurance companies to derive
a joint loss distribution for Moody's cash-flow model.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in March
2019.

FACTORS THAT WOULD LEAD AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of the Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of servicing or cash management interruptions and (ii) economic
conditions being worse than forecast resulting in higher arrears
and losses.




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L U X E M B O U R G
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MONITCHEM HOLDCO 2: Moody's Alters Outlook on B3 CFR to Stable
--------------------------------------------------------------
Moody's Investors Service affirmed the B3 corporate family rating
and B3-PD probability of default rating of Monitchem Holdco 2 S.A.,
the parent holding company of the CABB Group, assuming a successful
refinancing of the group's capital structure. Concurrently, Moody's
has assigned a B2 rating to the group's proposed EUR 490 million
fixed and floating rate senior secured notes due 2025 issued by
Monitchem Holdco 3 S.A. (directly controlled by Holdco 2), and
assigned a Caa2 instrument rating to the EUR 150 million senior
unsecured notes due in 2026 issued by Monitchem Holdco 2 S.A.
Moody's expects to withdraw the ratings of the legacy bonds, as
soon as the new bonds have been issued. At the same time Moody's
changed the outlook on both entities to stable from negative.

RATINGS RATIONALE

The affirmation of the B3 CFR reflects the group's efforts to
refinance its debt including its EUR 100 million revolving credit
facility (with an EUR 80 million RCF + EUR 20 million accordion
option due in September 2024), which was about to mature in
December 2020 and the contribution of the Jayhawk facility, a North
American producer of precursors for agrochemicals with a reported
EBITDA of around EUR 6 million in 2018, to the restricted group by
the group's owner Permira. Moody's cautions that the contribution
of Jayhawk is subject to a successful refinancing and that a
failure of these transactions would put the rating under negative
pressure.

Continuous improvements in operating performance, as evidenced by a
strong H1 2019 and a large portion of revenues over the next 12 -
18 months already contracted under framework agreements give a good
visibility on results and CABB's ability to deleverage its balance
sheet from an elevated Moody's adjusted 6.9x gross debt / EBITDA
projected by year end 2019 towards around 6.5x by the end of 2020.
At the same time Moody's does not expect CABB to generate positive
free cash flows before 2021 as a result of high capex investments
over the next 3 years, of which a significant portion is voluntary
growth capex and could be reduced if necessary, and still
significant interest payments of around EUR 40 million annually.

Therefore, the high starting leverage in combination with negative
free cash flows position CABB weakly in the B3 rating category,
with limited capacity to underperform, undertake debt financed
acquisitions or shareholder distributions. Capacity to deleverage
is limited to possible improvements in EBITDA given the expectation
of negative free cash flows. Moody's notes at the same time that
the contribution of Jayhawk enhances the group's business profile
by increasing its product / end market diversification and shows
support from the shareholder, but has only a small positive effect
on leverage given its size.

Liquidity Profile

CABB's liquidity is adequate. At the end of June 2019 pro forma
closing of the contribution cash and cash equivalents were
approximately EUR 8 million. Moody's projects negative FCF in 2019
and 2020 of around EUR 5 million and EUR 10-20 million,
respectively as a result of high capex spending. This should be
comfortably covered by the fully available committed EUR 80 million
super senior revolving credit facility (+EUR 20 million accordion
option) due in September 2024 (unrated) providing sufficient
liquidity headroom over the next 18 to 24 months. Provided a
successful refinancing, there will not be major scheduled debt
repayments until 2025, given CABB's bullet debt structure and long
term debt maturity profile for its notes, which will be due in 2025
(senior secured) and 2026 (senior unsecured).

Structural Considerations

In accordance to Moody's Loss Given Default for Speculative-Grade
Companies (LGD) methodology, the senior secured notes (both fixed
rate and FRNs) are rated at B2, one notch above the CFR. This is a
result of the first-lien senior secured notes' ranking priority
over the senior notes, which are rated Caa2, two notches below the
CFR, owing to their subordinated ranking -- both structurally and
contractually via an intercreditor agreement -- in the capital
structure. The notching up of the senior secured notes above the
CFR is also possible owing to the fairly modest amount of secured
bank debt ranking ahead -- both structurally and contractually --
represented by the EUR 80 million super senior revolving credit
facility due 2024, which Moody's assumes will never be fully drawn
during its duration.

Rational for stable outlook

The change to a stable outlook reflects the expected successful
refinancing of the Group's RCF to September 2024 and the positive
trend in operational performance over the past quarters, which
should enable the group to reduce its leverage to below 6.5x within
the next 12-18 months.

What could change the ratings up/down

An upward revision of the rating would be considered if (1)
adjusted gross debt to EBITDA would be reduced to below 5.5x on a
sustained basis in combination with; (2) sustained meaningful
positive free cash flow generation, while (3) maintaining an
adequate liquidity profile.

Downward pressure on the rating would arise if the group (1) fails
to reduce its adjusted gross leverage to below 6.5 over the next
12-18 months and adj. EBIT/interest cover to around 1.0x; (2)
operating performance weakens as evidenced by adjusted EBITDA
margins falling below 20% on a sustained basis;(3) liquidity
profile were to weaken and a failure to generate positive free cash
flows over the medium term and / or; (4) in case of a more
aggressive than anticipated financial policy.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in March 2019.


MONITCHEM HOLDCO 2: S&P Affirms 'B-' Long-Term ICR on Refinancing
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit and
issue ratings on Monitchem Holdco 2 S.A. and its senior secured
instruments, and its 'CCC' issue rating on the senior unsecured
instruments. These include the proposed notes, while S&P will
withdraw its ratings on the existing instruments once repaid.

Monitchem, which is the parent of the European specialty chemical
company CABB Group, recently announced it will integrate Jayhawk
after its private-equity owner Permira acquired the firm on Nov. 1,
2018. S&P said, "We note that the integration of Jayhawk is
contingent upon the closing of the proposed refinancing. Jayhawk
primarily manufactures fine chemicals and offers custom
manufacturing sourcing solutions, both of which are complimentary
to Monitchem's operations. We believe that Jayhawk will enable the
group to improve its addressable market, particularly in the U.S.,
and gain size and scope."

S&P said, "We view the proposed refinancing as positive for the
company's maturity profile, given that most of its existing debt
will have matured by mid-2021. We also note that it is likely that
the banks will support the company and the proposed transaction.

"We assume the combined operations (Monitchem including Jayhawk)
will continue to increase its revenue and EBITDA base following the
new product ramp ups for its custom manufacturing unit, strong
sales and positive pricing effects for Acetyls, and growth at
Jayhawk." In particular, we expect the combined EBITDA margin will
improve to 20%-21% in 2019 and 2020, from 17.2% and 18.6% in 2017
and 2018, following the ramp ups of new custom manufacturing
products that have better margins and improved operational
efficiency.

However, combined free operating cash flow (FOCF) generation will
be negatively affected by continued significant capital expenditure
(capex), particularly to support investment in the custom
manufacturing business unit and additional spending for Jayhawk.
S&P said, "We forecast capex of about EUR65 million in 2019 and
about EUR85 million in 2020. Although we estimate these investments
are likely to support profitability in the coming years, we
understand there is limited flexibility as to the capex amount and
timing." In addition, FOCF generation in 2019 will be constrained
by a one-off expense linked to the proposed refinancing of about
EUR20 million.

S&P said, "On the other hand, we note that the group's new
long-term capital structure will remain highly leveraged after the
proposed refinancing. We forecast adjusted debt to EBITDA will
approach 6.7x in 2019 then improve to below 6.5x in 2021, which we
view as commensurate with the ratings. Although leverage remains
high, we view these levels as comparable to our previous forecasts,
and a marked improvement on 2018 levels of 7.7x. In addition, the
private-equity ownership constrains Monitchem's financial risk
profile, which could result in more aggressive financial
policies--notably in terms of leverage, tolerance, and
incentives--to maximize shareholder returns.

"The stable outlook reflects our view that combined EBITDA will
rise to about EUR110 million in 2019, underpinned by revenue
visibility for the remaining months of the year and the expected
addition of Jayhawk in our forecast. Since Jayhawk's acquisition
debt will be refinanced by the new capital, we expect adjusted debt
to EBITDA will remain at 6.7x at year-end 2019. This is similar to
our previous stand-alone forecasts for Monitchem as Jayhawk's
leverage is below the company's stand-alone leverage. We also
factor in negative FOCF of about EUR40 million in 2019, with higher
capex outflows intended to fund future growth, and a one-off cost
related to refinancing fees.

"We could lower the rating by at least one notch if demand for
CABB's products contracted, leading to a material decline in EBITDA
that would result in adjusted debt to EBITDA deteriorating above
8x, without near-term prospects for recovery. Rating pressure would
also occur if the company's liquidity weakened, particularly in the
absence of the refinancing of the RCF and all existing debts, or if
EBITDA interest coverage dropped below 2.0x.

"We think that the highly indebted capital structure, combined with
high capex investments that lead to negative FOCF, results in
limited rating upside over the next 12-24 months. In the longer
term, a higher rating would depend on the company's ability to
recover positive FOCF and demonstrate a solid deleveraging
trajectory."




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O1 PROPERTIES: Moody's Cuts Sr. Unsec. Notes to Caa1, Outlook Neg.
------------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured ratings
of instruments issued by O1 Properties Finance Plc and O1
Properties Finance JSC, which are subsidiaries of O1 Properties
Limited, to Caa1 from B3. All other ratings for O1, including the
B3 corporate family rating, are unaffected by this action. The
outlook is negative.

RATINGS RATIONALE

The downgrade of O1's global note and Russian bonds to Caa1
reflects the deterioration in its asset coverage measured by
unencumbered assets/gross assets ratio falling to 11% in 2018 from
16% in 2016-17 and adjusted gross debt to investment property
portfolio value metric increasing to 96% in 2018 from 84% in 2016,
with no prospects of significant improvement until the global
note's maturity in two years. The rating action also factors in the
unsecured structure of the instruments, the absence of unencumbered
property assets and the uncertainty regarding the company's ability
to convert its other assets, mainly represented by loans issued,
into cash over the next two years.

The instruments' rating is one notch below the company's B3 CFR
which reflects Moody's view that the instruments, which represent
general unsecured obligations of O1, are effectively subordinated
to the company's property-level secured bank debt, comprising 65%
in its total debt portfolio and being secured by the company's
property portfolio, and to the syndicated credit facility, being
secured by shares in the company's subsidiary which controls some
of its investment properties.

O1's B3 CFR continues to factor in refinancing risks related to
substantial maturities in 2020-21. The syndicated credit facility
in the amount of $148 million due in April 2020, which has a number
of still unresolved covenant breaches, represents a near-term
liquidity risk. O1 is in the process of refinancing this facility
and expects to finalise it in early 2020 which, in Moody's view,
should be feasible, given the advanced stage of negotiations with
the lenders. The next major liquidity risk stems from the $350
million global note due in September 2021 because the company will
not be able to accumulate sufficient cash for redemption on its own
and have to resort to refinancing. This might be challenging given
the company's elevated leverage and the absence of unencumbered
property assets.

O1's credit profile remains highly leveraged, with Moody's adjusted
debt/gross assets ratio increased to 85% in 2018 from 77% in 2017
largely driven by the sale of two office properties, Avrasis and
Zarechie, in 1H2018, along with the negative portfolio revaluation
due to the weak market and the rouble depreciation in 2018. In
addition, fixed charge coverage metric (measured as adjusted
EBITDA/interest expense) deteriorated to 0.8x in 2018 from 1.1x a
year earlier, although EBITDA was almost sufficient to cover cash
interest expense. Moody's expects the leverage to remain at around
85%-87% and the fixed charge coverage to improve to 1.0x-1.2x in
2019-20 because of the stabilisation in the portfolio valuation and
rental income amid somewhat more supportive market environment.

On the positive side, O1 has been successfully refinancing its
secured bank loans, mostly completing the process in September
2019. As a result, the company has extended the final maturities
and lowered the annual amortisation, with no substantial repayments
due in 2019-21 besides the two aforementioned credit facilities. In
addition, the company rebalanced its debt portfolio towards 45%
rouble denominated debt now from almost 100% hard currency
denominated debt as of year-end 2017, reducing its exposure to
rouble exchange rate volatility and better matching its rental
income. O1 reset financial covenants under the bank loans, ensuring
compliance going forward.

In addition, Moody's understands that Riverstretch Trading and
Investments (RT&I), O1's controlling shareholder since July 2018,
actively supports O1's debt refinancing initiative and may provide
some funding to cover liquidity gaps. But the actual willingness
and ability of the new owner -- on which Moody's has a fairly
limited visibility in terms of the strength of its financial
profile - to extend its support, should such need arise, however,
remains to be validated.

O1's CFR also takes into account (1) the company's solid operating
results, backed by its large, high-quality office property
portfolio in Moscow's prime locations with a strong tenant base and
balanced lease terms and maturities; (2) its conservative
development strategy, with no significant cash consuming projects
being executed in 2019-20; and (3) Moody's expectation that O1's
rental income and cash balance will be sufficient to cover its
basic cash needs, excluding the final debt maturities, through
2020.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

The ratings take into account the governance risks which are mostly
related to the low level of transparency at RT&I and the lack of
track record of its strategy, financial policy and corporate
governance practice towards O1. However, this uncertainty is
partially mitigated by tighter covenants and the requirement to
maintain independent directors including one appointed by
bondholders under the amended global note terms. In addition, the
independent members currently represent majority in O1's board of
directors.

RATIONALE FOR THE NEGATIVE OUTLOOK

The outlook on the ratings is negative, reflecting (1) the
substantial refinancing risks related to the syndicated credit
facility due in April 2020 and the global note due in September
2021, (2) the still-pending remediation of financial covenant
breaches under the syndicated credit facility, and (3) the very
weak credit metrics, leaving no room for operational
underperformance.

WHAT COULD CHANGE THE RATING UP / DOWN

Moody's does not currently expect any upward pressure on the
ratings, given the negative outlook. The outlook on the ratings
could return to stable if the company successfully addresses its
liquidity risks, including the refinancing of the upcoming
maturities in 2020 and the timely development of a feasible plan to
refinance the global note due in 2021, while maintaining (1)
effective leverage at or below 85% in 2019-20 and gradually
reducing it towards 80% starting 2021; and (2) sufficient annual
rental income to solidly cover its cash obligations related to
regular debt service requirements.

Downward pressure on the ratings could be exerted if (1) O1 fails
to refinance the upcoming 2020-21 maturities or to resolve the
covenant breaches in a timely manner; and (2) the company's
financial performance deteriorates further, with effective leverage
rising towards 90% in 2019 and no signs of deleveraging from 2020,
and annual rental income becoming insufficient to cover the
company's basic cash obligations, including its cash interest
payments. Any new adverse developments at the company or
shareholder level driving concerns over O1's operations or future
credit profile may also exert pressure on the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2018.

O1 Properties Limited is Russia's leading real estate investment
company. The company owns a portfolio of 12 yielding assets, with a
net rentable area of 478,173 square metres and the reported asset
value of $3.2 billion as of year-end 2018. RT&I, which is
ultimately owned by Pavel Vashchenko (90% share) and Valeriy
Mikhailov (10%), effectively controls around 70% of O1.




===============
S L O V E N I A
===============

ADRIA AIRWAYS: Cancels Flights Due to Cash Shortage
---------------------------------------------------
Marja Novak at Reuters reports that Slovenia's Adria Airways said
it has cancelled almost all of its flights for Tuesday, Sept. 24,
and Wednesday, Sept. 25, potentially affecting around 3,700
passengers, because it has been unable to access cash to continue
flying.

"The company is at this point intensively searching for solutions
in cooperation with a potential investor.  The goal of everyone
involved is to make Adria Airways fly again," Reuters quotes the
company as saying in a statement.

Adria Airways is the latest in a long line of small European
airlines to run into financial trouble amid industry overcapacity,
cut-throat competition and high fuel prices, Reuters notes.

Adria told Reuters it has cancelled 158 regular and charter flights
to and from Slovenia, Netherlands, Turkey, North Macedonia,
Montenegro, Albania, Germany, Switzerland, France, Belgium,
Austria, Kosovo and Greece, affecting more than 3,700 passengers.

According to Reuters, Slovenia's economy ministry said in a
statement that a thorough ownership, financial and business
restructuring could help Adria to recover.

Slovenian officials have said Adria cannot receive state aid as
that would be against European Union rules, Reuters relates.




=========
S P A I N
=========

SABADELL CONSUMO 1: Moody's Rates EUR25MM Cl. D Notes 'B1'
----------------------------------------------------------
Moody's Investors Service assigned the following definitive ratings
to Notes issued by Sabadell Consumo 1, Fondo De Titulizacion:

EUR875M Class A Floating Rate Asset Backed Notes due March 2031,
Definitive Rating Assigned Aa3 (sf)

EUR35M Class B Floating Rate Asset Backed Notes due March 2031,
Definitive Rating Assigned Baa3 (sf)

EUR35M Class C Floating Rate Asset Backed Notes due March 2031,
Definitive Rating Assigned Ba2 (sf)

EUR25M Class D Floating Rate Asset Backed Notes due March 2031,
Definitive Rating Assigned B1 (sf)

Moody's has not assigned any rating to the EUR 30M Class E Floating
Rate Asset-Backed Notes due March 2031, EUR 9M Class F Floating
Rate Asset-Backed Notes due March 2031 and the EUR 78M Class Z
Variable Return Asset-Backed Notes due March 2031.

RATINGS RATIONALE

The transaction is a static cash securitisation of consumer loans
extended to obligors in Spain by Banco Sabadell, S.A. (Baa3 SU/Baa2
LT Bank Deposits/Baa1(cr)) used for several purposes, such as
property improvement, car acquisition or repair and living expenses
or general purposes. 55.9% of the portfolio correspond to
pre-approved unsecured loans. Pre-approved loans require the
borrower to be a Banco Sabadell active customer for at least 6
months.

Banco Sabadell also acts as asset servicer and collection account
bank provider.

The provisional portfolio of underlying assets consists of consumer
loans originated in Spain by Banco Sabadell through its branches,
with fixed rates and a total outstanding balance of approximately
EUR 1.20 billion. The final portfolio will be selected at random
from the provisional portfolio to match the final Note issuance
amount. As at August 26, 2019, the provisional pool cut had 172,748
loans with a weighted average seasoning of 21.41 months. The
average remaining term is 4.34 years, and the current average loan
size is EUR 6,969.

According to Moody's, the transaction benefits from credit
strengths such as the granularity of the portfolio, the excess
spread-trapping mechanism through a 6 months artificial write off
mechanism, the high average interest rate of 7.46% and the
financial strength and securitisation experience of the
originator.

However, Moody's notes that the transaction features some credit
weaknesses such as a complex structure including interest deferral
triggers for juniors notes, pro-rata payments on all classes of
notes from the first payment date. Commingling risk is partly
mitigated by the daily sweep to the issuer account. If Societe
Generale's long term deposit rating is downgraded below Baa3, it
will either transfer the issuer account to an eligible entity or
guarantee the obligations of Societe Generale.

Hedging: As the collections from the pool are not directly linked
to a floating interest rate, a higher index payable on the Notes
would not be offset with higher collections from the pool. The
transaction therefore benefits from an interest rate cap, linked to
Three-month EURIBOR, with Deutsche Bank AG (A3(cr)/P-2(cr)) acting
through its London Branch as cap counterparty. The cap will have a
strike of 1.0% and its premium has been paid upfront. The interest
rate cap is subject to an amortization schedule of the portfolio
assuming 0% CPR and 0% defaults.

Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of consumer loans and the
eligibility criteria; (ii) historical performance provided on Banco
Sabadell's total book and past consumer loan ABS transactions;
(iii) the credit enhancement provided by subordination, excess
spread and the reserve fund; (iv) the liquidity support available
in the transaction by way of principal to pay interest; and (vi)
the overall legal and structural integrity of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined a portfolio lifetime expected mean default rate
of 4.5%, expected recoveries of 15.0% and a portfolio credit
enhancement of 17.5%. The expected defaults and recoveries capture
its expectations of performance considering the current economic
outlook, while the PCE captures the loss Moody's expects the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and PCE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
its ABSROM cash flow model to rate consumer ABS transactions.

The portfolio expected mean default rate of 4.5% is lower than the
Spanish consumer loan transactions and is based on Moody's
assessment of the lifetime expectation for the pool taking into
account (i) historic performance of the loan book of the
originator; (ii) strict eligibility criteria, (iii) benchmark
transactions, and (iv) other qualitative considerations.

Portfolio expected recoveries of 15% are in line with Spanish
consumer loan average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the loan book of the originator; (ii) benchmark
transactions; and (iii) other qualitative considerations such as
quality of data provided and asset security provisions.

The PCE of 17.5% is lower than other Spanish consumer loan peers
and is based on Moody's assessment of the pool taking into account
the relative ranking to originator peers in the Spanish consumer
loan market. The PCE of 17.5% results in an implied coefficient of
variation of 51%.

METHODOLOGY

The principal methodology used in these ratings was 'Moody's
Approach to Rating Consumer Loan-Backed ABS' published on March
2019.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors or circumstances that could lead to an upgrade of the
ratings of the Notes would be (1) better than expected performance
of the underlying collateral; (2) significant improvement in the
credit quality of Banco Sabadell; or (3) a lowering of Spain's
sovereign risk leading to the removal of the local currency ceiling
cap.

Factors or circumstances that could lead to a downgrade of the
ratings would be (1) worse than expected performance of the
underlying collateral; (2) deterioration in the credit quality of
Banco Sabadell; or (3) an increase in Spain's sovereign risk.




===========================
U N I T E D   K I N G D O M
===========================

ARJOWIGGINS: Last-Ditch Rescue Deal Saves Hundreds of Jobs
----------------------------------------------------------
Jane Bradley at The Scotsman reports that hundreds of Scottish jobs
have been saved after a last-ditch rescue deal for Aberdeen paper
manufacturer Arjowiggins, which fell into administration nine
months ago.

According to The Scotsman, a total of 450 jobs in Aberdeen and a
further 100 in England are to be protected after the sale of the
350 year old Arjowiggins Stoneywood plant.

The purchase, for an undisclosed sum, has been made by subsidiaries
of a new venture, Creative Paper Holdings Limited, which has been
formed by a management buyout team for the purposes of the deal,
The Scotsman discloses.

The company fell into administration in January after parent
company Sequana failed to sell it, The Scotsman recounts.  Three
months later, it was announced that a preferred bidder had been
selected by administrators FRP Advisory, but the sale did not go
through, The Scotsman relays.

The new deal has been supported with GBP7 million of funding from
Scottish Enterprise, The Scotsman states.

Stoneywood Mill has been making fine papers since 1770 and is
Aberdeen's last paper mill, The Scotsman notes.

The deal also includes the business' Basingstoke office and
Arjowiggins Chartham, which operates the Chartham mill in
Canterbury, according to The Scotsman.


METRO BANK: Cancels Bond Sale Due to Lack of Investor Interest
--------------------------------------------------------------
Lucy Burton at The Telegraph reports that Metro Bank plc is facing
questions over its future as the shock failure of a GBP200 million
bond sale sent shares crashing to a new record low.

The stock plummeted 30% on Tuesday, Sept. 24, after it was forced
to cancel the fundraising due to a lack of investor interest, The
Telegraph relates.

According to The Telegraph, analysts warned the debacle could leave
Metro unable to meet a Bank of England deadline for securing extra
cash at the start of next year.

It is a fresh blow for the credibility of the embattled lender,
which stunned investors in January when bosses revealed it had
miscalculated the riskiness of a string of property loans, The
Telegraph notes.

More than GBP3.3 billion has been wiped off the value of the
business since its stock peaked in March 2018 at just over GBP40 a
share, The Telegraph discloses.

Metro Bank plc is a retail bank operating in the United Kingdom,
founded by Anthony Thomson and Vernon Hill in 2010.  At its launch
it was the first new high street bank to launch in the United
Kingdom in over 150 years.  It is listed on the London Stock
Exchange.


THOMAS COOK: Fitch Lowers LongTerm IDR to D on Liquidation
----------------------------------------------------------
Default Rating to 'D' from 'C'. Fitch has also affirmed TCG's
senior unsecured rating at 'C' and the bonds issued by both TCG and
Thomas Cook Group Finance 2 Plc at 'C'. The Recovery Rating on the
senior unsecured debt has been downgraded to 'RR6' (8%) from 'RR5'
(23%).

The rating action follows the announcement by TCG that the group
and a number of other TCG companies have entered into compulsory
liquidation. This is now considered by Fitch to be a default on
debt outstanding at TCG. Lower recovery expectations for unsecured
creditors are mainly driven by the bankruptcy route chosen by TCG's
directors, which results in similar expected asset recovery
proceeds but spread across a wider creditor base.

KEY RATING DRIVERS

Rescue Negotiations Collapse: Under the proposed original
recapitalisation plan, TCG was to raise around GBP900 million of
"new money" from shareholders and creditors, but last-minute
discussions to raise an additional facility of GBP200 million, to
address any potential cash flow volatility through the seasonally
low winter period, were not successful. Final terms on the
recapitalisation and re-organisation of the group could not
therefore be agreed between the group's stakeholders and proposed
"new money" providers.

Compulsory Liquidation Requested: Further to the failure to agree
final terms and conditions on the recapitalisation plan with
shareholders, creditors and other stakeholders, TCG's Board
therefore decided that there was no alternative to requesting a
compulsory liquidation of TCG with immediate effect. The High Court
has granted an order to appoint the Official Receiver as the
liquidator of TCG. As part of the process a number of other TCG
group companies have also entered into compulsory liquidation. Not
only is this reflected in the 'D' rating level but also in weaker
recovery prospects for unsecured creditors outside of a
going-concern restructuring.

DERIVATION SUMMARY

The 'D' IDR reflects a default by TCG on its debt and other
obligations.

KEY ASSUMPTIONS

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that TCG will likely be liquidated,
rather than reorganised as a going-concern group through
bankruptcy.

Fitch has assumed a 10% administrative claim.

Liquidation Approach:

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

A 25% accounts receivable advance rate is supported by the
likelihood of counterclaims from both credit card companies and
third-party tits operators.

A 30% property plant and equipment advance rate reflects the
typical valuation of recent reorganisations in the tits operator/
airline industry and reflects the age of the aircraft inventory
owned by TCG and lower value of airport slots prevalent in the
European airline market. Little or no value is assumed for the
Thomas Cook or other brands within the group.

TCG's GBP650 million revolving credit facility (RCF) is assumed to
be fully drawn upon default. The RCF is pari passu to TCG's senior
unsecured 2022 and 2023 bonds (estimated at GBP1,021m) and unfunded
European pension obligations, which are all subordinated to
aircraft and secured loans in the waterfall. Fitch also
conservatively includes in its waterfall trade and other payables
and revenue received in advance. However, Fitch has little
visibility on the actual amounts to be claimed due to the high
business seasonality, while part of these claims from hoteliers,
other travel providers, and consumers could be covered by the Air
Travel Organiser's Licence (ATOL) scheme.

Its waterfall analysis generates a ranked recovery in the 'RR6'
band for senior unsecured creditors, indicating a 'C' instrument
rating. The waterfall analysis output percentage on current
assumptions is 8%. This compares with 'RR5' and 23% previously
assumed under a going concern recapitalization.

RATING SENSITIVITIES

Not applicable

LIQUIDITY AND DEBT STRUCTURE

Not applicable as TCG has ceased trading activities.


THOMAS COOK: German Unit Files for Insolvency
---------------------------------------------
Tassilo Hummel at Reuters reports that Thomas Cook GmbH, the German
unit of the insolvent British travel operator, on Sept. 25 filed
for insolvency with a view to carving out its brands and businesses
from their failed parent.

"Intensive talks over the last two days with strategic and private
equity investors . . . have shown us that the German branches of
former Thomas Cook with its brands Neckermann Reisen, Oeger Tours
and Bucher Reisen have the chance to have a future," Reuters quotes
the German company as saying in a statement.

It filed for insolvency seeking to orderly redress and restructure
the business and continue profitable operations, Thomas Cook GmbH
said, adding that a German court could appoint a liquidator as soon
as Sept. 25.

                    About Thomas Cook Group plc

Thomas Cook Group plc was a British global travel group.

As reported by the Troubled Company Reporter-Europe on Sept. 23,
2019, The Financial Times related that Thomas Cook's board said on
Sept. 23 the failure of rescue talks between banks, shareholders
and the UK government meant "it had no choice but to take steps to
enter into compulsory liquidation with immediate effect".  The
collapse of the travel company leaves 21,000 jobs at risk and
150,000 UK holidaymakers stranded abroad, reliant on an effort by
the government's Civil Aviation Authority to put together the
biggest emergency repatriation in peacetime, the FT disclosed.  The
restructuring specialist AlixPartners was appointed to manage the
process, subject to the approval of the court, the FT noted.  The
collapse is a huge blow to Chinese conglomerate Fosun, Thomas
Cook's biggest shareholder, which had proposed to contribute GBP450
million to a rescue package, the FT noted. Thomas Cook's collapse
comes eight months after it announced it intended to sell its
profitable airline as a means of shoring up its tour operator
business, the FT stated.  However, in May it revealed a GBP1.2
billion net debt pile, the FT said.


THOMAS COOK: Germany to Guarantee EUR380MM Condor Bridging Loan
---------------------------------------------------------------
Holger Hansen, Klaus Lauer, Ilona Wissenbach, Christian Kraemer and
Madeline Chambers at Reuters report that Germany will guarantee a
EUR380 million (US$418.6 million) bridging loan for Condor, the
German airline owned by insolvent British travel operator Thomas
Cook, to enable it to continue flying and save jobs, the economy
minister said on Sept. 24.

The airline, which is profitable, had said on Sept. 23 it would
carry on its operations and that it would ask the German government
for a bridging loan despite its parent company's collapse, Reuters
relates.  It is a separate legal entity from Thomas Cook, Reuters
notes.

"Condor is a profitable company and therefore our decision was
based on economic factors, not on political criteria," Reuters
quotes Peter Altmaier, as saying, adding that the decision meant
many of the firm's roughly 5,000 workers would be able to keep
their jobs.

Mr. Altmaier, who said the aid was subject to EU approval, added
that the plan would help the 240,000 travellers from Germany who
are still on holiday to return home, Reuters relays.

According to Reuters, the state of Hesse, where Condor is based,
said it would participate with EUR190 million in financial
support.

"We will soon make an application for protection proceedings,"
Reuters quotes Condor Managing Director Ralf Teckentrup as saying.
That would enable a speeding financial reorganisation.

The goal is for Condor to undertake insolvency proceedings under
self-administration to avoid being entangled in the winding up of
Thomas Cook's financial affairs, Reuters discloses.

Deputy economy minister Ulrich Nussbaum, as cited by Reuters, said
Condor could become a healthy company and an investor could be
found so that the state would get its money back.

Meanwhile, Reuters' Peter Maushagen reports that the European Union
antitrust regulator said on Sept. 25 it was in close contact with
the German authorities regarding a proposed loan to German airline
Condor.

The Commission is in close and constructive contacts with the
German authorities regarding the proposed loan to Condor," Reuters
quotes a spokeswoman for the EU executive commission as saying in a
statement.

                  About Thomas Cook Group plc

Thomas Cook Group plc was a British global travel group.

As reported by the Troubled Company Reporter-Europe on Sept. 23,
2019, The Financial Times related that Thomas Cook's board said on
Sept. 23 the failure of rescue talks between banks, shareholders
and the UK government meant "it had no choice but to take steps to
enter into compulsory liquidation with immediate effect".  The
collapse of the travel company leaves 21,000 jobs at risk and
150,000 UK holidaymakers stranded abroad, reliant on an effort by
the government's Civil Aviation Authority to put together the
biggest emergency repatriation in peacetime, the FT disclosed.  The
restructuring specialist AlixPartners was appointed to manage the
process, subject to the approval of the court, the FT noted.  The
collapse is a huge blow to Chinese conglomerate Fosun, Thomas
Cook's biggest shareholder, which had proposed to contribute GBP450
million to a rescue package, the FT noted.  Thomas Cook's collapse
comes eight months after it announced it intended to sell its
profitable airline as a means of shoring up its tour operator
business, the FT stated.  However, in May it revealed a GBP1.2
billion net debt pile, the FT said.


THOMAS COOK: S&P Lowers ICR to 'D' on Announced Liquidation
-----------------------------------------------------------
S&P Global Ratings lowered to 'D' from 'CC' its issuer credit and
issue-level ratings on U.K.-based tour operator Thomas Cook Group
PLC and its debt.

S&P said, "We have downgraded Thomas Cook to 'D' after the group
announced that it has entered into liquidation after being unable
to reach an agreement with its main stakeholders, including its
largest shareholder, Fosun Tourism Group, and its main debtholders,
to recapitalize the group.

"Following the liquidation announcement, we have revised our
approach to calculate debt recoveries from a going concern to a
discrete asset valuation, implying lower estimated recoveries. As a
result, we have revised our recovery expectations on the group's
senior unsecured notes to '6' from '4', indicating our expectation
of negligible recovery prospects of between 0%-10% for creditors.

"We have revised our recovery expectations for the senior unsecured
notes (EUR750 million due 2022 issued by Thomas Cook and EUR400
million due 2023 issued by Thomas Cook Finance 2 PLC) to '6'
(0%-10%, rounded estimate 5%) from '4' (30%-50%; rounded estimate
45%).

"We understand the U.K.-based parent company Thomas Cook Group PLC,
Thomas Cook Finance 2 PLC (the issuer of the EUR400 million notes),
and U.K.-based operating companies have entered into immediate
liquidation and have stopped trading. Overseas operating
subsidiaries and the guarantors of the senior unsecured notes will
continue to trade for a short period.

"We think unsecured debtholders could recover value (in the range
of 0%-10% of their principal) primarily from the group's
receivables, inventories, deposits prepaid for future hotel
bookings, and intangible assets including the group's brand and
software. At the same time, there are material liabilities ranking
prior to and pari passu with the senior unsecured notes, including
the revolving credit facility, bonding and bilateral facilities,
aircraft financing, pension liabilities, and other payables.

"The actual recovered value for the senior unsecured noteholders
could deviate from our estimate as a result of administrative and
legal costs, timeliness of the execution, and other parameters of
the liquidation process."


TWIN BRIDGES 2019-2: Fitch to Rate Class X1 Notes 'BB-(EXP)'
------------------------------------------------------------
Fitch Ratings assigned Twin Bridges 2019-2 plc notes expected
ratings.

The assignment of the final ratings is contingent on the receipt of
final documents conforming to information already received.

The transaction is a securitisation of buy-to-let mortgages
originated in the UK by Paratus AMC Limited.

Twin Bridges 2019-2

Class A;  LT AAA(EXP)sf; Expected Rating  
Class B;  LT AA(EXP)sf;  Expected Rating  
Class C;  LT A(EXP)sf;   Expected Rating  
Class D;  LT BBB(EXP)sf; Expected Rating  
Class X1; LT BB-(EXP)sf; Expected Rating  
Class Z1; LT NR(EXP)sf;  Expected Rating  
Class Z2; LT NR(EXP)sf;  Expected Rating

KEY RATING DRIVERS

Prime Underwriting

The loans are exclusively BTL loans advanced to finance properties
located in England and Wales. The loans were granted to borrowers
without adverse credit t history of the past six years. Paratus
also obtains full independent verification of rental incomes from a
RICS-qualified valuer. As a result, Fitch treated the loans as
prime and applied its BTL matrix to assign the pool's foreclosure
frequency (FF).

Pre-Funding

A further maximum of GBP70 million of loans may be acquired by the
issuer up to, and including, the last purchase date on November 30,
2019. Note over-issuance is credited to a pre-funding reserve to
execute these further purchases. Fitch has been provided with a
pool of completed loans for GBP234 million, alongside loan
information for an additional GBP140 million containing loans
currently under offer and identified for potential future sale.
Fitch has considered the pre-funding eligibility criteria to
determine the collateral features post pre-funding period.

Fixed Hedging Schedule

The issuer will enter into a swap at closing to mitigate the
interest rate risk arising from the fixed-rate assets and
floating-rate notes. The swap will be based on a defined schedule,
rather than the balance of fixed-rate loans in the pool. In the
event that loans prepay or default, the issuer will be over-hedged.
The excess hedging is beneficial to the transaction in
high-interest-rate scenarios and detrimental in declining interest
rate scenarios.

Unrated Seller

Paratus, the seller, is unrated by Fitch and as a result may have
an uncertain ability to make substantial repurchases from the pool
in the event of a material breach in representations and warranties
(R&W). This risk is mitigated by the nature of Paratus as a trading
business with assets and only one breach of R&W in preceding Twin
Bridges transactions, which was repurchased by the seller as soon
as the breach was identified.

RATING SENSITIVITIES

Material increases in the frequency of defaults and loss severity
on defaulted receivables producing losses greater than Fitch's base
case expectations may result in negative rating action on the
notes. Fitch's analysis showed that a 30% increase in the weighted
average FF, along with a 30% decrease in the weighted average
recovery rate, would imply a downgrade of the class A notes to
'AA-sf'.


TWIN BRIDGES 2019-2: Moody's Assigns (P)Caa2 Rating on Cl. X1 Notes
-------------------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit
ratings to the following Classes of Notes to be issued by Twin
Bridges 2019-2 PLC:

GBP [ ] Class A Mortgage Backed Floating Rate Notes due June 2053,
Assigned (P)Aaa (sf)

GBP [ ] Class B Mortgage Backed Floating Rate Notes due June 2053,
Assigned (P)Aa1 (sf)

GBP [ ] Class C Mortgage Backed Floating Rate Notes due June 2053,
Assigned (P)A1 (sf)

GBP [ ] Class D Mortgage Backed Floating Rate Notes due June 2053,
Assigned (P)Baa1 (sf)

GBP [ ] Class X1 Mortgage Backed Floating Rate Notes due June 2053,
Assigned (P)Caa2 (sf)

Moody's has not assigned any ratings to the GBP []M class Z1
mortgage backed notes due June 2053 and GBP []M class Z2 notes due
June 2053.

This transaction represents the fourth securitisation transaction
rated by Moody's that is backed by buy-to-let mortgage loans
originated by Paratus AMC Limited (not rated). The portfolio
consists of loans secured by mortgages on properties located in the
UK extended to [821] borrowers and the current pool balance is
approximately equal to GBP [234.2] million as of August 2019. The
seller can sell up to GBP [70] million of additional loans into the
transaction until the additional mortgage loan purchase date,
November 30, 2019, subject to certain eligibility conditions for
the additional loan portfolio. The eligibility criteria do not
include the requirement of the mortgage loans having made a first
payment prior to inclusion in the additional loan portfolio, but
the seller has a buy-back obligation if no payment is made.

RATINGS RATIONALE

The ratings take into account the credit quality of the underlying
mortgage loan pool, from which Moody's determined the MILAN Credit
Enhancement and the portfolio expected loss, as well as the
transaction structure and legal considerations. The expected
portfolio loss of [2.2]% and the MILAN required credit enhancement
of [13.0]% serve as input parameters for Moody's cash flow model
and tranching model.

The expected loss is [2.2]%, which is in line with other UK BTL
RMBS transactions owing to: (i) the weighted average (WA) LTV of
around [70.3]%; (ii) the performance of comparable originators;
(iii) the current macroeconomic environment in the UK; (iv) the
limited track record of historical information (since 2015); and
(v) benchmarking with similar UK buy-to-let transactions.

MILAN CE for this pool is [13.0]%, which is in line with other UK
BTL RMBS transactions, owing to: (i) the weighted average current
LTV for the pool of [70.3]%, which is in line with comparable
transactions; (ii) top 20 borrowers accounting for approx. [11.2]%
of current balance, which represents a higher concentration level
than observed in comparable transactions; (iii) prefunding
representing up to [30.0]% of the initial pool, subject to certain
conditions, which can lead to some collateral deterioration; (iv)
the lack of historical information; and (v) benchmarking with
similar UK buy-to-let transactions.

At closing, the transaction benefits from a fully funded,
amortising liquidity reserve fund that equals [1.5]% of the
outstanding Class A and Class B Notes covering fees and interest on
Class A and B Notes (in respect of the latter, if it is the most
senior Class outstanding and otherwise subject to a PDL condition).
The liquidity reserve fund will stop amortising if the Notes are
not redeemed on the optional redemption date or if cumulative
defaults of the mortgage loans exceed [6]%.

In addition, at closing there is a fully funded, non-amortising
general reserve fund that equals [2.0]% of the principal amount
outstanding of the collateralized Notes as of the closing date.

Operational Risk Analysis: Paratus is the servicer in the
transaction whilst U.S. Bank Global Corporate Trust Limited (Not
rated) will be acting as a cash manager. In order to mitigate the
operational risk, Intertrust Management Limited (Not rated) will
act as back-up servicer facilitator. To ensure payment continuity
over the transaction's lifetime the transaction documents
incorporate estimation language whereby the cash manager can use
the three most recent servicer reports to determine the cash
allocation in case no servicer report is available. The transaction
also benefits from approx. [4] quarters of liquidity based on
Moody's calculations. Finally, there is principal to pay interest
as an additional source of liquidity for the Class A Notes and in
certain scenarios for the Class B Notes.

Interest Rate Risk Analysis: [99.9]% of the loans in the pool are
fixed rate loans reverting to three months LIBOR with the remaining
proportion linked to three months LIBOR.The Notes are floating rate
securities with reference to daily SONIA. To mitigate the
fixed-floating mismatch between the fixed-rate asset and floating
liabilities, there will be a scheduled notional fixed-floating
interest rate swap provided by National Australia Bank Limited
(Aa2(cr)/P-1(cr)).

The provisional ratings address the expected loss posed to
investors by the legal final maturity of the Notes. Moody's issues
provisional ratings in advance of the final sale of securities, but
these ratings represent only Moody's preliminary credit opinions.
Upon a conclusive review of the transaction and associated
documentation, Moody's will endeavour to assign definitive ratings
to the Notes. A definitive rating may differ from a provisional
rating. Other non-credit risks have not been addressed, but may
have a significant effect on yield to investors.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

Factors that would lead to an upgrade or downgrade of the ratings:

Significantly different loss assumptions compared with its
expectations at close due to either a change in economic conditions
from its central scenario forecast or idiosyncratic performance
factors would lead to rating actions. For instance, should economic
conditions be worse than forecast, the higher defaults and loss
severities resulting from a greater unemployment, worsening
household affordability and a weaker housing market could result in
a downgrade of the ratings. Deleveraging of the capital structure
or conversely a deterioration in the Notes available credit
enhancement could result in an upgrade or a downgrade of the
ratings, respectively.


WRIGHTBUS: Goes Into Administration, 1,200 Jobs Affected
--------------------------------------------------------
Alan Tovey and Natasha Bernal at The Telegraph report that
embattled "Boris Bus" maker Wrightbus has finally collapsed into
administration, taking 1,200 jobs with it and putting twice as many
positions in the company's supply chain in danger.

Administrators Deloitte said just 50 staff will remain at the
Northern Ireland firm to keep it ticking over in the hope of
finding a buyer or salvaging some value from the Ballymena-based
business, The Telegraph relates.

According to The Telegraph, unions are demanding that Prime
Minister Boris Johnson steps in to "do something decent" by helping
rescue the company, rather than leave staff to face "devastating
consequences".




===============
X X X X X X X X
===============

IPOTEKA BANK: Moody's Affirms B1/B2 Deposit Ratings, Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service affirmed Ipoteka Bank's B1 long-term
local and B2 foreign-currency deposit ratings and changed the
outlook on the long-term local currency deposit rating to negative
from stable. Moody's also affirmed Ipoteka Bank's Baseline Credit
Assessment and adjusted BCA at b2, its long-term Counterparty Risk
Assessment at B1(cr), and local- and foreign-currency long-term
Counterparty Risk Ratings at B1. The short-term CR Assessment of
Not Prime(cr), short-term deposit ratings and short-term CRR of Not
Prime (NP) were also affirmed.

RATINGS RATIONALE

Moody's change of the outlook on Ipoteka Bank's long-term local
currency deposit rating to negative from stable is driven by (1)
the deterioration of the bank's liquidity profile in the first
eight months of 2019; as well as (2) the continuing fast growth of
the bank's loan portfolio exerting downward pressure on the bank's
capital adequacy.

According to Ipoteka Bank's reports prepared under local GAAP, as
of August 31, 2019, its ratio of liquid assets to total assets
stood at 7.4%, a decline from the already modest ratio of 10%
reported as of the beginning of 2019. The deterioration was mainly
driven by the 31% increase in the bank's loan portfolio over the
eight months of 2019 which was matched only by 28% increase in
funding. The coverage of the bank's customer deposits by liquid
assets declined to 24% as of August 31, from 27% as of the
beginning of the year.

The bank's dominant funding sources, such as the funding from the
Fund for Reconstruction and Development of the Republic of
Uzbekistan (FRDU) and funding from the Ministry of Finance of the
Republic of Uzbekistan (together account for 46% of the bank's
liabilities as of August 31) are stable and long-term and Moody's
believes that the risk of their imminent outflow is remote.
Concurrently, the bank has succeeded in negotiating a transfer of a
large amount of its customer deposits from demand accounts to term
deposits and developed a plan contemplating an increase of its
liquidity cushion to at least 10% of total assets by the end of
2019.

Another factor which drove the change of the outlook to negative
from stable was Ipoteka Bank's very fast loan growth, whereas
capital growth lags behind. According to local GAAP reports, the
bank's risk-weighted assets (RWAs) increased 33% in the first eight
months of 2019. However, return on average equity posted for the
same period, although relatively strong at 24% (annualised), still
lags behind. The US$50 million capital injection received from the
FRDU in early 2019 has partially bridged the gap, however, Moody's
estimates that in the absence of further capital contributions
Ipoteka Bank's ratio of tangible common equity (TCE) to RWAs will
decline to 12.8% over the next 12 to 18 months from the 13.9% ratio
reported as of the beginning of 2019.

GOVERNMENT SUPPORT

Ipoteka Bank's B1 long-term LC deposit rating incorporates its b2
BCA and Moody's assessment of a high probability of support to the
bank from the government of Uzbekistan (B1 stable). This support
assessment factors in (1) the government's control over Ipoteka
Bank (with an aggregate 83.92% direct stake owned by the FRDU and
the Agency for the management of state assets of the Republic of
Uzbekistan, as of August 1, 2018); (2) the bank's 9.2% and 9.7%
shares of the Uzbek banking sector's total assets and total
customer accounts, respectively; (3) Ipoteka Bank's number three
position countrywide in terms of individual deposits; and (4) the
bank's active involvement in financing a number of strategic and
social projects carried out by the Uzbek government.

LONG-TERM FOREIGN CURRENCY DEPOSIT RATING

Ipoteka Bank's long-term foreign currency (FC) deposit rating of B2
is capped by Uzbekistan's foreign currency deposit ceiling of B2.
The level of the ceiling reflects the foreign currency transfer and
convertibility risks in Uzbekistan. The outlook on the long-term FC
deposit rating is stable, because in the case of a downgrade of
Ipoteka Bank's long-term LC deposit rating to B2 from B1, all other
conditions being unchanged, the FC deposit rating will remain at B2
level.

WHAT COULD MOVE THE RATINGS UP / DOWN

Given the negative outlook, an upgrade is unlikely over the next
12-18 months. Nevertheless, Moody's could change the outlook on
Ipoteka Bank's long-term LC deposit rating to stable if the bank
materially strengthens its liquidity position and additionally
achieves a better match between its RWAs growth and capital
growth.

Moody's could downgrade Ipoteka Bank's BCA and long-term LC deposit
rating if the bank fails to increase its liquidity buffer to above
10% of total assets by the end of 2019, as well as in case of a
material deterioration of the bank's capital adequacy as a result
of its fast growth in the absence of additional capital
contributions from the shareholders. Furthermore, a decline in the
probability of support for the bank from the Uzbek government,
which could be driven, inter alia, by a material change in Ipoteka
Bank's ownership structure, might trigger a downward revision of
Moody's high government support assumptions for the bank.

LIST OF AFFECTED RATINGS

Issuer: Ipoteka Bank

Affirmations:

Adjusted Baseline Credit Assessment, Affirmed b2

Baseline Credit Assessment, Affirmed b2

Long-term Counterparty Risk Assessment, Affirmed B1(cr)

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Ratings, Affirmed B1

Short-term Counterparty Risk Ratings, Affirmed NP

Short-term Bank Deposit Ratings, Affirmed NP

Long-term Bank Deposit Rating (Local Currency), Affirmed B1,
Outlook Changed to Negative from Stable

Long-term Bank Deposit Rating (Foreign Currency), Affirmed B2
Stable

Outlook Actions:

Outlook, Changed To Negative(m) From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in August 2018.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2019.  All rights reserved.  ISSN 1529-2754.

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